Walker & Dunlop, Inc. announced today that it originated $9,000,000 in financing for Ranch Lake Plaza, an 85,656 square foot retail property, anchored by Goodwill Industries Manasota, Inc., in Bradenton, Florida.
The non-recourse loan represented 78% of the recorded purchase price and was structured as a 10-year term, 30-year amortization, with 2-years interest only using a CMBS Lending Platform. At the time of loan closing, Ranch Lake Plaza was 95% leased and 58% occupied. Goodwill Industries Manasota, Inc. recently signed a 15-year lease and is slated to open in March 2015. This location is one of 11 retail stores for the local operator and will feature high quality merchandise similar to a mid-level department store. Additionally, the Ranch Lake location will provide job training, job placement, counseling services and various community services.
Located in Walker & Dunlop’s Tampa, Florida office, Alison Williams, vice president, led the team that structured the loan for Ranch Lake Plaza. Ms. Williams commented, “Despite the Goodwill space being under construction and rent commencing in early 2015, we were able to structure a fully leveraged long-term fixed-rate mortgage with one of our non-recourse CMBS lenders. The strong demographics, favorable retail submarket and occupancy history made for a competitive landscape amongst lenders.”
“We were pleased to acquire this well-constructed center with solid, reputable tenants and strong demand,” says Robert Berger, president of Colterra Capital of Montreal. “Alison Williams and the Walker & Dunlop team in Tampa did an excellent job of securing a competitive loan structure that will create long term value for our investors.”